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MEDIA CORP CEO STEPS DOWN

11/18/2012 : MEDIA CORP CEO STEPS DOWN

Following a short tenure of six months

Media Corporation PLC, the owner of the now defunct Purple Lounge, has announced the resignation of Adam Fraser-Harris who is stepping down from his position as chief executive officer following a short six month period in the role.

Interestingly, Fraser-Harris will be leaving the firm with immediate effect to "pursue other interests", while Phil Jackson will assume the role of Executive Chairman until a new chief executive officer is appointed.

Commenting on Fraser-Harris' departure, Jackson said: "On behalf of the board and shareholders I would like to thank Adam for all his efforts over the last six months. He has been instrumental in resolving a number of legacy issues and problems facing the Company when we joined the board in May of this year.

"Through his efforts he has helped stabilize the Company to put it in a position to look forward; we wish him all the best in his future projects. Our search for a full time CEO is well under way and we look forward to announcing new appointments at the appropriate time. In the meantime I am excited about working in a more executive role and I am optimistic about future developments for the organisation and remain focused on the pending launch of our Intabet platform."

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